Bitcoin’s price has been rapidly climbing higher ever since the beginning of March this year, and now it seems to have reached a critical point. A falling wedge formation on the 1-hour time frame on the 4-hour chart suggests the cryptocurrency is likely to make a move downwards, and the rising trendline is acting as resistance at $35,000, which is the area on the chart where the cryptocurrency recently broke through.
It seems like just yesterday that Bitcoin’s price was at an all-time high of around $20,000. Since then, the price has tumbled significantly, and before you know it, it was dipping towards $8000. Many experts believe that this is just a consolidation phase, and the once upward-trending Bitcoin price will soon resume its climb. Surprisingly enough, Bitcoin’s price has spent the last couple of days retesting the $35,000 resistance level.Summary of the situation
- BTC rose overnight.
- Resistance around $35,000 was again tested.
- The next goal is about $31,000,
The bitcoin price analysis for today is bearish, as the market has tested $35,000 resistance in recent hours, with no further uptrend in sight. Therefore, we expect BTC/USD to move lower again in the next 24 hours and reach the next support around $31,000.
Four hourly chart BTC/USD. Source: TradingView
In recent weeks, the global market has moved sideways. After making higher highs and lower lows in mid-June, BTC/USD started moving sideways again and repeatedly tested resistance at $35,000-36,000.
A supportive trendline formed from the higher lows of the past few days, but this was broken in the past 24 hours. This development suggests that the bitcoin price is now preparing for another fall and retest of the previous significant low around $29,000.
Otherwise, if bitcoin manages to break above the $36,000 resistance level, we can expect a much stronger rise and a change in overall upside momentum in the coming weeks. However, the best option is to wait for further price action in the form of a high or low.
Bitcoin price analysis: Supplement
Bitcoin’s price analysis is bearish for the next few days as the market has lost momentum again and set a lower high last night. So if the $35,000 level does not hold, we can expect BTC/USD to roll further down today and set lower lows again.
In anticipation of bitcoin’s decline, read our guides on the benefits of DeFi, bitcoin costs and what you can do with bitcoin.
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